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- XRP appears to be breaking out of a descending parallel channel.
- Ali thinks the breakout could lead to an upswing to push the XRP to between $0.65 and $0.66.
- XRP bounced off support at $0.5720 to initiate the current rally.
According to Ali, a renowned cryptocurrency technical analyst on X, XRP appears to be breaking out of a descending parallel channel. He noted that the breakout could lead to an upswing that would push the XRP price to between $0.65 and $0.66.
#Ripple | $XRP appears to be breaking out from a descending parallel channel, which may result in an upswing to $0.65 – $0.66 for #XRP. pic.twitter.com/gvfeEMKIDX— Ali (@ali_charts) November 23, 2023
In his analysis, Ali presented a screenshot of the XRP/Tether US Perpetual Contract 4-hour chart published on TradingView. The chart showed that XRP bounced off support at $0.5720 before pushing upward to break above the descending parallel channel.
Apart from breaking out of the descending parallel channel, XRP’s price reflected significant upside momentum by overcoming other resistance regions that include multiple Fibonacci levels. After struggling for a while, XRP broke above the 0.236 Fibonacci retracement, coinciding with a resistance at $0.5854 before printing a bullish 4-hour candle that surpassed two Fibonacci retracement levels at 0.382 and 0.5.
The 4-hour bullish candle also broke above the descending horizontal parallel channel and surpassed the 0.5 Fibonacci retracement level. Hence, it turned the confluence of significant levels into notable support for XRP.
After multiple retests of the 0.5 Fibonacci retracement level, the 5th-ranked crypto based on market capitalization, according to CoinmarketCap, has continued with an upward trajectory, aiming to fulfill the full Fibonacci retracement plotted by Ali. XRP traded for $0.6216 at the time of Ali’s post, with the complete Fibonacci retracement level at $0.6288. That price marks the next resistance for XRP, established on November 19, following two days of upward movement.
Overcoming the complete Fibonacci retracement level plotted by Ali would open the way for XRP to aim higher, with the next target being the resistance at $0.6528. Hence, Ali predicted an upswing that would head into the $0.65 to $0.66 price region.
Despite the general volatility experienced in the crypto market for the last few days, XRP looks set to continue in the upward direction from a technical perspective.
The post XRP Is Breaking Out of a Descending Parallel Channel: Analyst appeared first on Coin Edition.